Dubai: The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reiterated that compliance with the legislation, regulations, and laws regulating payments is a guarantee for achieving Sustainable Development Goals (SDGs), locally and internationally.
According to Emirates News Agency, during its participation in the third edition of the Future of Payments Summit held in Dubai, UBF stressed the importance of adhering to the legislative and regulatory frameworks that contribute to the development and employment of innovations in national and international payments. It emphasised that UBF and its member banks work under the direct supervision of the Central Bank of the UAE (CBUAE), which is characterised by a proactive approach in dealing with accelerated developments to ensure that the banking and financial sector play its role in achieving objectives of sustainable economic and social development of the UAE.
The third edition of the Future of Payments Summit, organised under the theme 'Redefining the Future of Cross-border Payments Landscape,' was attended by more than 300 government officials and business leaders, 40 speakers from the financial, banking, and fintech sector. The summit featured more than 40 panel discussions, thought leadership sessions, and keynote speeches presented by industry leaders and policymakers, highlighting ways to develop payments, future trends to enhance efficient and secure payment systems, how to meet the expectations and growing requirements of various customer segments, the role of innovation's initiatives and efforts exerted by banks, financial institutions, and payment and technology solutions providers in supporting international trade and economic growth.
In his keynote speech at the summit, Jamal Saleh, Director-General of UBF, stated that payments represent a key pillar of trade and economic growth at the local, regional, and global levels. He highlighted the importance of acting with a clear vision, guided by principles and standards of justice, security, transparency, and governance, ensuring compliance for a safe and seamless customer experience. Saleh stressed that payments play a vital role in stimulating innovation and developing solutions to support individuals, institutions, and global economies by managing financial affairs and increasing productivity.
The rapid developments in payments pose challenges to banks and financial institutions, such as increased cybercrime, money laundering, geopolitical challenges, and the integration of environmental, social, and governance (ESG) aspects. Saleh reassured stakeholders that UBF is working within proactive and flexible regulatory frameworks to balance innovation stimulation and customer protection, promoting economic growth and stability.
Saleh also noted that regulators worldwide play a crucial role in protecting the financial and banking system. Compliance is a strategic imperative to enhance trust in financial institutions, with UAE banks investing in technologies like APIs, blockchain, artificial intelligence, and data analysis to enhance compliance and secure data sharing.
He acknowledged the Central Bank of the UAE's initiatives to develop an agile regulatory framework that promotes innovation and financial stability, establishing the UAE as a global investment hub. Supportive legislation, such as the National Strategy for Payment Systems, has enabled an ecosystem for innovation, efficient risk management, and customer experience enhancement. CBUAE's strategies, including the digital currency 'Digital Dirham' and payment infrastructure, have positioned the UAE at the forefront of digital transformation and payment infrastructure integration.
Saleh explained that UAE regulators like the Securities and Commodities Authority, Abu Dhabi Global Market, and Dubai International Financial Centre provide necessary frameworks to balance innovation, growth, and compliance, enabling innovators to develop ideas into products and services with smart risk management.